Hamdard Shura recommends various incentives for a better Pakistan

KARACHI: Speakers at the meeting of Shura Hamdard Karachi chapter urged the government to increase the budget of education and health and give incentives to manufacturing companies in order to reduce bill of imports and make Pakistan a manufacturing nation, the incoming national budget of 2018 – 19.

The meeting was held here on Sunday themed, ‘National budget 2018 – 19, foreign loans and self-reliance’, presided over by Justice (retd) Haziqul Khairi at a local club. Hamdard Foundation Pakistan President Sadia Rashid was also present at the meeting.

Speaking on the occasion Small and Medium Enterprises Alliance (SAMEA) President Zafar Iqbal said that small and medium enterprises were the backbone of a country and engine of its economy, involving 80 per cent labour force and having a share of 40 per cent of GDP. So it was advisable to give special incentives to this sector for the overall development of the nation, he added.

“SAMEs should be exempted from the collateral condition of Rs3 million and the range of loan be extended up to Rs10 million; annually income of Rs1.2 million be exempted from taxation, rates of sales tax be fixed at 5 per cent and withholding tax be charged on cash withdrawal of Rs100,000; discreet powers of tax officials be abolished and austerity measures on national level be taken forthwith”, he suggested.

Hamdard Laboratories (Waqf) Pakistan Managing Director and CEO Usama Qureshi said that items being imported in the country should be made locally in order to reduce huge import bill – a heavy burden on national exchequer. Those manufacturers that could produce the same items should be encouraged and supported by the government to make Pakistan a manufacturing nation, he added.

“New energy sources should be explored and developed locally to curb the import bill and right people be deployed on right places in government departments to boost the level of governance”, Qureshi concluded.